EURCAD Daily: last breath for the EUR???
EURCAD Daily: The uptrend seems to be in place due the HH and HL since last June but we can see some consolidation from August. With the price currently trading above the EMA(21) can suggest a possible upward continuation with the possibility to a re-test of the 1.52278 High from August. If the price continues above the EMA(21) we may see an increase in the bullish momentum taking the price to a new high.
The cross around the 50 level on stochastic tells me a possible bullish move to get the overbought level.
On the Fundamental side, the EUR is not doing well due the high inflation in the EUR zone. Also all eyes are on the ECB signals with a possible pause in rate hikes. On the Lonnie side the strong oil prices helps the CAD to get strength so any increases on that can change the whole scenario here.
The cross around the 50 level on stochastic tells me a possible bullish move to get the overbought level.
On the Fundamental side, the EUR is not doing well due the high inflation in the EUR zone. Also all eyes are on the ECB signals with a possible pause in rate hikes. On the Lonnie side the strong oil prices helps the CAD to get strength so any increases on that can change the whole scenario here.
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